Locust Walk 2024 全球生物制药交易趋势年度回顾报告

2024YEAR-IN-REVIEWREPORTTRANSACTIONSCommentsGlobal/USJapan/ChinaAboutLocustWalk22 In2024,theXBIsignificPublicequityfinancingactivityremainedresilientincontinuedtoprovidereliablecapitalaccessforcompanisupport,andclearnear-termvalueinflectionpointsVenturefinancinginFY2024showedcfinancingsonlyinchedforward(168vs162inFY’SourceSource:LocustWalkAnalysis.3CommentsGlobal/USJapan/ChinaAboutLocustWalk44XBIvsS&P500Performance(LTM)8757365234146XBIvsS&P500Performance(LTM)875736523414621+24%1-0.2%1Summary1122monthbasis,aslowdownfromDecember’s2.6%i33445566778811Catalentat$16.5BonanEVbasis22VikingTherapeuticstrialandannouncedt33VertexsignsagreementtoacquireAlpi44commercializeCOVID-19vaccinesanddeve55integrintherapiesforthetre6677Sources:Sources:YahooFinance;YCharts;LocustWalkAnalysis.5 00SourcesSources:YCharts;LocustWalkAnalysis.Notes:(1)Totalscalculatedasofthelasttradingdayofeachmonth;(2)2017-2019monthlyaverageof22companiestradingbelowcash.6 Therisein2024capitalmarketactivity,drivenbyfollow-onofferingsandprivatefinancings,reflectscommitmenttoestablishedcompaniesandincreasedpublicandprivateappetiteforvalidatedgrowthopportunities.$4,780$5,492$4,713$5,695$6,939$5,190$7,157$8,169$15,900Follow-OnsPIPEsIPOsPrivateFinancingsQ42024continuedthetrendofagradualrecoveryincapitalmarketswithmostcapitalmarketactivitiesimprovingfromSourcesSources:PitchBook;LocustWalkAnalysis.7 MillionsMillionsMillionsMillionsMillionsMillionsCount864Count86420 763266100CountCount8385CountCount8850•PIPEactivityin2024Sources:Sources:PitchBook;LocustWalkAnalysis.Note:AllvaluesforeachquartercaptureonlycompletedIPOs,Follow-ons,andPIPEswithadealvaluegreaterthan$20M.8TheOctoberspikeinIPOsdriedupinthelatterhalfofthequarter,withnoadditionalIPOsinNovemberorDecemberascompaniesawaitfurthercertaintypost-inauguration.SepternaSouthSanFancisco,CASEPNNASDAQSepternaisaclinical-stagebiotechnologycompanydevelopingsmallmoleculesforendocrinology,I&I,andmetabolicdiseasesPhase12024-10-25$15-17$18$331$22.90(+27%)$846UpstreamBioWaltham,MANASDAQUpstreamBioisaclinical-stagebiotechnologycompanydevelopingamonoclonalantibodyforinflammatorydiseasesPhase22024-10-11$15-17$17$293$16.44(-3%)$881CAMP4Cambridge,MACAMPNASDAQCAMP4isaclinical-stagebiotechnologycompanydevelopingapipelineofRNA-targetingtherapeuticsacrossgeneticdiseasesPhase12024-10-11$14-16$11$82$5.22(-53%)$105SourcesSources:YahooFinance;YCharts;PitchBook;LocustWalkAnalysis.Notes:(1)Asof12/31/2024;AllvaluesinUSDMunlessotherwisenoted;Onlyincludesdeals≥$25M;I&I=ImmunologyandInflammation.9Follow-onraisescontinuedtorepresentafavorablecapitalraisingapproachforestablishedlateclinical-stagebiopharmas,leveragingtheirsizeandcomparativelylowriskprofiletosecurecapitalonfavorableterms.RevolutionMedicinesRedwoodCity,CARVMDNASDAQRevolutionMedicinesisaclinical-stageoncologycompanydevelopingnovelRAS(ON)inhibitorsfortargetedtherapiesPhase32024-12-03$46.00(-11%)$863$43.74(-5%)$7,358CrineticsPharmaceuticalsSanDiego,CACRNXNASDAQCrineticsPharmaceuticalsisaclinical-stagepharmaceuticalcompanylargelyfocusedondevelopingnovelsmallmoleculesforendocrinediseasesRegistrational2024-10-08$50.00(-3%)$575$51.13(+2%)$4,742NewAmsterdamPharmaNaarden,NetherlandsNAMSNASDAQNewAmsterdamPharmaisalate-stagebiopharmaceuticalcompanyadvancingasmallmoleculeinmetabolicdiseasesPhase32024-12-11$24.50(-6%)$479$25.70(+5%)$2,374JanuxTherapeuticsSanDiego,CAJANXNASDAQJanuxisaclinical-stagebiopharmaceuticalcompanydevelopingtumor-activatedbispecificimmunotherapiesforarangeofsolidtumorsPhase12024-12-04$63.00(+5%)$403$53.54(-15%)$2,810VeraTherapeuticsBrisbane,CAVERANASDAQVeraTherapeuticsisalateclinical-stagebiotechnologycompanyfocusedondevelopingbiologictreatmentsforseriousimmunologicaldiseasesPhase32024-10-29$42.00(-11%)$345$42.29(+1%)$2,678ScholarRockCambridge,MASRRKNASDAQScholarRockisalate-stagebiopharmaceuticalcompanydevelopingantibodiestotreatgrowthfactorrelatedconditionsRegistrational2024-10-08$28.25(-18%)$345$43.22(+53%)$4,046BiohavenNewHaven,CTBHVNNYSEBiohavenisalate-stagecompanyadvancingarangeofsmallmoleculesandbiologicsacrossimmunology,neuroscience,andoncologyRegistrational2024-10-01$47.50(-5%)$288$37.35(-21%)$3,777SourcesSources:YahooFinance;YCharts;PitchBook;LocustWalkAnalysis.Notes:(1)Sincelastclosingpricepriortodealdate;(2)Asof12/31/2024;AllvaluesinUSDMunlessotherwisenoted;Onlyincludesdeals≥$250M.AsPIPEsareusedtocounteractpublicmarketuncertaintyandsecurefundingforfurtherdevelopmentpriortopublicannouncements,theuptickinQ4PIPEactivitymaysuggestcompanieshedgingagainstmarketuncertaintyascompanieslooktoextendtheirrunway.OlemaOncologySanFransico,CAOLMANASDAQOlemaPharmaceuticalsisalate-stageclinicalbiopharmaceuticalcompanydevelopingsmallmoleculesinoncologywithafocusonbreastcancerPhase32024-12-02$9.08(-10%)$250$5.83(-36%)$334NeurogeneNewYork,NYNGNENASDAQNeurogeneisaclinical-stagebiotechcompanydevelopingnovelgenetherapiesforrareneurologicaldiseasesPhase1/22024-11-04$50.00(+9%)$200$22.86(-54%)$340InhibikaseTherapeuticsAtlanta,GANASDAQInhibikaseTherapeuticsisaclinical-stagepharmaceuticalcompanyadvancingsmallmoleculesincardiopulmonaryandneurodegenerativediseasesPhase32024-10-09$1.37(+15%)$110$3.25(+137%)$218CidaraTherapeuticsSanDiego,CACDTXNASDAQCidaraTherapeuticsisaclinical-stagebiotechnologycompanydevelopingdrugconjugatestargetinginfluenzaandsolidtumorsPhase22024-11-21$14.91(-1%)$105$26.88(+80%)$398AadiBioscienceLosAngeles,CAAADINASDAQAadiisaprecisiononcology-focusedbiotechnologycompanydevelopingtherapeuticsfordifficult-to-treatcancersApproved2024-12-19$2.40(+5%)$100$3.16(+31%)$78SourcesSources:YahooFinance;YCharts;PitchBook;LocustWalkAnalysis.Notes:(1)Sincelastclosingpricepriortodealdate;(2)Asof12/31/2024;AllvaluesinUSDMunlessotherwisenoted;Onlyincludesdeals≥$100M. TargetAcquirerTickerAcquirerAnnouncedAnnouncedAerovateTherapeutics-GlycoMimetics--TvardiTherapeutics-AcquirerTickerAcquirerAcquisitionCorpS-4filed12/3/2024;(4)BasedonmergerannouncementVenturefinancinghasshiftedfromafocusonpreclinicalassetstolater-stage,deriskedopportunitiesbetween2022and2024,asevidencedbythecontinueddominanceofPhase2dealsandincreaseddealvaluerelativeto2022and2023. Q4Q4Q40Avg.DealValue$52M$66M$83M$49M$51M$57M$93M$61M$82M$126M$95M$94MSources:Sources:PitchBook;LocustWalkAnalysis.Notes:(1)IncludesonlySeriesAandlater-stagefinancings;(2)Datalabelsonlyprovidedforvalues>$20M. Sources:GlobalData;Sources:GlobalData;PitchBook;LocustWalkAnalysis.Note:Dealcountbyyear:2021:N=335,2022:N=187,2023:N=162,2024:N=168. SourcesSources:PitchBook;LocustWalkAnalysis.15PrivatefinancinginQ4closedout2024withanetimprovementto2023despitecontinuedriskaversionandpreferenceforderiskedopportunitiesincludinghumanPoC,exemplifiedbyadensityofPhase2orlaterTreelineBiosciencesisadiscovermoleculartKaileraTherapeuticsiandoralGLP-1/GIPRAsforthe☆SeriesB2252024-10-21SystemSeaportTherapeuticsisaclinical-stageMetserMetseraisaclinical-stagebiopharmaceuticalcompanydevelopingnext改Alpha-9OncologyisaclinicalsNuvigTherapeuticsisclinicalSources:Sources:PitchBook;LocustWalkAnalysis.Notes:AllvaluesinUSDMunlessotherwisenoted;Onlyincludesraises≥$100M;RAs=ReceptorAgonists.PrivatefinancinginQ4closedout2024withanetimprovementto2023despitecontinuedriskaversionandpreferenceforderiskedopportunitiesincludinghumanPoC,exemplifiedbyadensityofPhase2orlater改discoveryplatformtoid☆TERRYTerrayTherapeuticsisbiotechno☆SystemAxonisTherapeuticsisaneuro-focusedbiotechnologycompanySectoralAssetManagementEvommuneisaclinicdevelopingselectivesmallmoleculesfor改MazeTherapeuticsisacliniantibody-basedtherapiesSources:Sources:PitchBook;LocustWalkAnalysis.Notes:AllvaluesinUSDMunlessotherwisenoted;Onlyincludesraises≥$100M;CNS=CentralNervousSystem.PrivatefinancinginQ4closedout2024withanetimprovementto2023despitecontinuedriskaversionandpreferenceforderiskedopportunitiesincludinghumanPoC,exemplifiedbyadensityofPhase2orlaterAvenCellTherapeuticsisaclinical-stagecompanandallogeneicCAR-TcellSystemSiteOneTherapeuticsselectivesmallmolSyncromuneisaclinical-stagebiotechSources:Sources:PitchBook;LocustWalkAnalysis.Notes:AllvaluesinUSDMunlessotherwisenoted;Onlyincludesraises≥$100M;ASO=AntisenseOligonucleotide;ALS=AmyotrophicLateralSclerosis. Q4sawyearlyhighsinaveragedealvalueanddealvolume,withlicenseesmorewillingtoengagewithmid-stagedealsthaninpreviousquarters.厂厂Q4Q4Q40Avg.DealValue$1.0B$0.6B$0.9B$1.0B$0.6B$0.7B$0.6B$1.2B$0.7B$0.8B$0.9B$1.2BSources:BioSciDB;Cortellis;GlobalData;Sources:BioSciDB;Cortellis;GlobalData;LocustWalkAnalysis.Notes:“NotApplicable”representslargedealswithmultipledrugsofsignificantlyvaryingdevelopmentstages;IncludesWWandUSlicensingdeals;Excludesex-USregionaldeals;Excludesdealswithundisclosedvalue;ExcludesMedtech,Distribution-onlyandCMO/CDMO-only;Datalabelsforvalues<$0.5Barenotshown. GloballicensingtransactionsinQ4werealmostexclusivelyledbylargepharma,exemplifiedbyNovartis(3x>$1Btransactions),andfocusedonCNSandoncologydiscoveryplatformsalongwithmoleculargluedegraderapproaches(3x>$1Btransactions).8253/11,375GloballicenseandcollaborationagreemeSchrödinger’sdrug-discomassspectrometryplatformtranscriptionfactortarSources:Cortellis;GlobalData;Sources:Cortellis;GlobalData;LocustWalkAnalysis.Notes:(1)Stageindicatesthelateststageofdevelopmentforallassetsinvolved;(2)AllvaluesinUSDMunlessotherwisenotedandincludesupfrontpaymentandrelevantmilestones;(3)500Mcash+325Mequity;Showinglicensingdeals>$1Bintotaldealvalue;CNS=CentralNervousSystem;HD=Huntington'sDisease.GloballicensingtransactionsinQ4werealmostexclusivelyledbylargepharma,exemplifiedbyNovartis(3x>$1Btransactions),andfocusedonCNSandoncologydiscoveryplatformsalongwithmoleculargluedegraderapproaches(3x>$1Btransactions).49/1,549StrategiccollaborationandlicenJointdevelopmentandcommercializationofziftomenib,Kura’sselectiveoralCollaborationandoptionEvolveImmune'sdiscoveryResearchcollaborationutSources:Cortellis;GlobalData;Sources:Cortellis;GlobalData;LocustWalkAnalysis.Notes:(1)Stageindicatesthelateststageofdevelopmentforallassetsinvolved;(2)AllvaluesinUSDMunlessotherwisenotedandincludesupfrontpaymentandrelevantmilestones;(3)Undisclosed65Maggregationofcashandequityupfront;Showinglicensingdeals>$1Bintotaldealvalue.GloballicensingtransactionsinQ4werealmostexclusivelyledbylargepharma,exemplifiedbyNovartis(3x>$1Btransactions),andfocusedonCNSandoncologydiscoveryplatformsalongwithmoleculargluedegraderapproaches(3x>$1Btransactions).CapsidlicenseagreementofSangamo'sneurotropicadeno-associatedvirus(AAV)capsid,STAC-BBB,GloballicenseagreementforTakedatoadvanceElritercept,aligandtrapAAVvectorsforRochetodevelopintogenetheGloballicenseforIDEAYAtoSources:Cortellis;GlobalData;Sources:Cortellis;GlobalData;LocustWalkAnalysis.Notes:(1)Stageindicatesthelateststageofdevelopmentforallassetsinvolved;(2)AllvaluesinUSDMunlessotherwisenotedandincludesupfrontpaymentandrelevantmilestones;Showinglicensingdeals>$1Bintotaldealvalue;ADC=AntibodyDrugConjugate. WhileaveragedealvalueinQ4wasflatfromQ3,totaldealvalueandvolumedecreasedby26%and25%,respectively.9厂9厂Q4Q4Q450Avg.DealValue$0.7B$1.6B$0.7B$1.9B$4.0B$1.5B$0.7B$3.0B$1.0B$1.3B$0.9B$0.9BSources:Cortellis;GlobalData;Sources:Cortellis;GlobalData;LocustWalkAnalysis.Notes:“NotApplicable”representslargedealswithmultipledrugsofsignificantlyvaryingdevelopmentstages;IncludesWWandUSM&AandAssetPurchaseAgreementdeals;Datalabelsforvalues<$0.5Barenotshown;Excludesdealswithundisclosedvalue;ExcludesMedtech,Distribution-onlyandCMO/CDMO-onlydeals. 1%\ 1%\ -- increasedfromthoseobservedinSources:Cortellis;GlobalData;CompanySources:Cortellis;GlobalData;CompanyPressRelease;YahooFinance;LocustWalkAnalysis.Notes:(1)30-dayVWAPfromonetradingdaypre-announcement;(2)EquitypremiumbasedonVWAPonetradingdaypre-announcement;Excludesprivateandforeignlisted“seller”companies;ExcludesM&Adealswithall-stockconsiderations;ShowingM&Adeals>$100Mintotaldealvalue.Largeupfrontdealstructuresprovidefurtherevidencethatbigpharma’srisktoleranceisgrowingastheyfaceloomingpatentcliffs.AcquisitionRoche’sacquisitionofPohematology,solidtumor,andautopotentialbest-in-classdisease-modifyingdisordersandexpertiseingeSources:Cortellis;GlobalData;Sources:Cortellis;GlobalData;LocustWalkAnalysis.Notes:(1)Stageindicatesthemostadvancedstageofdevelopmentoutofallassetsinvolved;(2)AllvaluesinUSDMunlessotherwisenoted;Includesupfrontpaymentandmilestones;ShowingM&Adeals≥$1Bintotaldealvalue;BBB=Blood-BrainBarrier;AAV=Adeno-AssociatedVirus.AbroadsetofdrugsacrossmanyTAshadkeypivotalandPOCreadoutsinQ4,includingautoimmunedisease,obesity,andoncology.AssetClinicalTherapeStageArea/IndicatActionApitegromabInnon-ambulatoryspinalmuscularatrophypatients,apitegromabledtoa1.8-pointimproveJNJ-2113Candel’soncolyticvirusmetitsprimaryendpointanddemAdaptimmune’stherapydemonstrated42%ofpatientswithsarcomaachievedaclinicTARA-002treatment-relatedadverseSources:FierceSources:FierceBiotech;LocustWalkAnalysis.Notes:IncludesselectresultsfromBigPharmacompaniesandnon-BigPharmacompaniesdeemedpivotalorbreakthroughbyLocustWalk;TCR=T-CellReceptor;CR=CompleteResponse;PR=PartialResponse.AbroadsetofdrugsacrossmanyTAshadkeypivotalandPOCreadoutsinQ4,includingautoimmunedisease,obesity,andoncology.AssetClinicalTherapeStageArea/IndicatActionthromboembolism(7%)relativetoenoxaparin(21%)andnon-inferiorWavedemonstratedvaVK2375Viking’sassetdemonstrated6.8%weightlossat28daysvs2.2%focomparingfavorablyincross-trialcomparisontoNovo’samycretinwhichachieAmgen’sMariTidedemonstrated20%weightlosswithamonthlyinjectiondiabetesand17%forpatientswithdiabetes,whichissimiSources:FierceSources:FierceBiotech;LocustWalkAnalysis.Notes:IncludesselectresultsfromBigPharmacompaniesandnon-BigPharmacompaniesdeemedpivotalorbreakthroughbyLocustWalk;BLyS=B-LymphocyteStimulator;APRIL=AProliferation-InducingLigand;SLEDAI=SystemicLupusErythematosusDiseaseActivityIndex.TherewereseveralkeyfailureswiththeinCNS-relatedconditionsacrossdepression,pain,andneurodegeneration.CagriSema’snearmissontargetedefficacywillhavereverberationsacrosstheobesitymarket.AssetTherapeuticArea/IndicationActionTREM2AgonistAL002failedtodemonstrateanimprovementonthedementiaseverityscaleSources:FierceSources:FierceBiotech;LocustWalkAnalysis.Notes:IncludesselectresultsfromBigPharmacompaniesandnon-BigPharmacompaniesdeemedpivotalorbreakthroughbyLocustWalk;ITP=ImmuneThrombocytopenia.Oct'24:Hympavzi(marstacimab-hncq)hemophiliaAorBOct'24:Orlynvah(sulopenemetzadroxil,probenecid)Oct'24:Vyloy(zolbetuximab-clzb)TotreatgastricorgastroesophagealjunctionNov'24:Aucatzyl(obecabtageneautoleucel)TotreatadultpatientsOct'24:Hympavzi(marstacimab-hncq)hemophiliaAorBOct'24:Orlynvah(sulopenemetzadroxil,probenecid)Oct'24:Vyloy(zolbetuximab-clzb)TotreatgastricorgastroesophagealjunctionNov'24:Aucatzyl(obecabtageneautoleucel)TotreatadultpatientsprecursoracutelymphoblasticleukemiaAutolusNov'24:Attruby(Acoramidis)Totreatcardiomyopathvarianttransthyretin-medNov'24:Ziihera(zanidatamab-hrii)TotreatunresectableoNov'24:Kebilidi(eladocageneexuparvovec-tneq)TotreatadultandpedAADCdeficiencyNov'24:Rapiblyk(landiolol)TotreatsupraventricularDec'24:Tryngolza(olezarsen)TotreatfamilialchylomicronemiasyndromeDec'24:Bizengri(zenocutuzumab-zbco)Totreatnon-smallcepancreaticadenocarcinomaMerusDec'24:Crenessity(Crinecerfont)TotreatclassiccongenitDec'24:Ensacove(Ensartinib)Totreatnon-smallDec'24:Alhemo(concizumab-mtci)ForroutineprophylaxistoprevenepisodesinhemophiliaAanNewDrugApplication(NDAs)BiologicsLicenseApplication(BLA)AcceleratedApprovalOct’24:Itovebi(Inavolisib)Nov'24:Revuforj(revumenib)TotreatrelapsedorrefraDec'24:Unloxcyt(cosibelimab-ipdl)TotreatcutaneoussquamouscellcarcinomapDec'24:Alyftrek(vanzacaftor)TotreatcysticfibrosisSourcesSources:FDA;LocustWalkAnalysis.31 AsacontinuationofthetrendfromQ1-Q3,23smalltolargebiopharmacompanieslaidoff20%+oftheirworkforceinQ4aswellasadditionallayoffsfromBMS,Bayer,andPfizeraspartoftheircontinuingrestructuringandcostreductioninitiatives.RelayTherapeuticsAlectorViractaTherapeuticsOutlookTherapeutics VirBiotechnologyReparebluebirdbioCompassPathwaysAdaptimmuneCarismaTherapeutics SperoTherapeuticsShattuckLabsMedigene BelharraTherapeutics ViractaTherapeuticsAuriniaPharmaceuticalsMarinusPharmaceuticals SenseiBiotherapeutics RingTherapeutics TurnstoneBiologicsLexiconPharmaceuticals CellectarBiosciences EditasMedicineAlligatorBioscienceKronosBio83%83%23%23%25%25%25%30%33%34%39%40%40%40%42%45%45%46%50%60%60%60%65%70%OthernotableRIFsthatdidnotfitthedataparameters:Astellas(24employees),BavarianNordic(48employees),Bayer(57employees),BristolMyersSquibb(195employees),Gilead(100employees),Idorsia(270employees),Kaleo(58employees),LeoPharma(250employees),Novartis(469employees),Pfizer(510employees),SageTherapeutics(165employees),SonataTherapeutics(20employees),Takeda(79employees),Agenus(undisclosed),BenevolentAI(undisclosed),(undisclosed),BlackDiamondTherapeutics(undisclosed),Johnson&Johnson(undisclosed),Merck&Co.(undisclosed),NvelopTherapeutics/ChromaMedicine(undisclosed),SanaBiotechnology(undisclosed).Sources:FierceSources:FierceBiotech;LocustWalkAnalysis.Note:RIF=ReductioninForce.CommentsGlobal/USJapan/ChinaAboutLocustWalkQ42024markedathree-yearhighforEuropeanbiopharmatransactions,with$1.25billionraisedinprivatefinancingsacross18dealsand$10Boftotaldealvaluethrough16strategictransactions.commercialassets,aligningwithrisk-aSource:Source:LocustWalkAnalysis.Note:EuropeantransactionsincludelicensingdealswithsmallerEuropeanheadquarteredbuyer/sellerorregionalEuropeandeals,andM&Awherethebuy-sideislargepharmaandthesell-sideisasmallerEuropeanplayer.PrivateEuropeanbiopharmacompaniesraisedatotalof$1,249Macross18dealsinQ42024,continuingasteadyincreaseinventurefinancingactivitysincethelowsofQ32022.Avg.DealValue/